Getting The Jump On GLD

Right after the opening bell on the morning of October 20, 2023, Mike Paulenoff posted the following GLD (SPDR Gold Trust) commentary to our MPTrader Discussion Room:

"For all of the long-suffering Gold Bugs... As we speak, GLD is attempting to take out key 5-month resistance lodged between 181.20 and 184.40, which if successful and sustained, will point GLD to 188-190 next... Last is 183.88..."

In mid-November, Mike posted one of his frequent updates on GLD, telling MPTrader members that his next optimal upside target zone had ratcheted higher:

"As long as any forthcoming weakness is contained above the most recent pivot low at 179.11 (11/13/23), my pattern work will give the benefit of the doubt to a bullish setup that argues GLD is on the verge of a powerful thrust that surges above key resistance at 185.65 to 186.60, in route to a challenge of the May 2023 high-zone of 194-195... last is 181.66..."

Then on January 12, 2024, with GLD pushing above 190, Mike again raised his technical sights on GLD, posting the following analysis for MPTrader members:

"I must be hallucinating about what I think I see, but just in case the GLD setup is real (rather than Memorex-- for those of you old enough to remember Memorex!), here goes: The 5 rally efforts since August 2020 have failed in the 193.50-194.50 resistance zone, but my pattern work argues that as long as the most recent pullback low at 186.56 (yesterday) contains any renewed selling pressure, the setup argues for another run at the multi-year high-zone and if taken out, a potentially vertical assault toward 210, possibly 220... last is 190.21..." 

Fast-forward across 24 subsequent updates into last Friday's intraday and All-Time High at 206.05, and close at 205.72, GLD indeed, has "gone vertical," climbing a full 12% from Mike's initial heads-up to MPTrader members. 

What's ahead for GLD and the precious metals? Judging from Mike's daily chart of GLD, the upcoming weeks and months could be the wildest period in years for the precious metals complex.

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